All Forum Posts by: Garry C.

There are many of these in the Winter Park and Fraser, CO area.

@Account Closed, I'm looking for MF right now, but wouldn't turn up my nose at SFRs or even condos. It just depends on the deal. This one hit my desk from another wholesaler in your area and it looked good.

I don't know much about Daytona Beach outside of Spring Break, Bike Week, and the Speedway. Can you provide a little more detail about why you think it's a great area?

I currently have two properties in Colorado, a short term vacation rental and a long term rental in metro Denver. I want to invest in multifamily and I'm also interested in investing out of state. It might not be the best idea to embark on both at once, but fortune favors the bold, no risk no reward, etc. I really like this deal in Daytona Beach, FL and don't want to pass on it, as long as I'm not missing something.

I'm doing my due diligence, numbers are still looking good. After receiving some recommendations on PMs, I'm going to talk to one today and see if they would be a good fit. Next step would be to fly down early next month to meet with the PM and check out the property.

My deal doesn't seem too good to be true, necessarily, but it is a great deal and I'm not clear on the seller's motivation.

So, anyone have general input on Daytona Beach?
Might I be missing something about the market?
What should I know about rentals there, seasons, short term vs. long term, etc.?

@Jennifer McPherson, what does your lease say about late charges?
I've seen some that are a one time charge of 10%, plus a smaller amount every day that rent is late. This is added to the rent due beginning on the 2nd of the month, and should be non-negotiable.
This is a great way to train your tenants that you're not playing games, this isn't mom and pop's shop, you are a business providing a service and you will collect.
Be sure to go over this twice during your 'New Tenant Orientation' meeting.

I'm really glad to hear that you finally got paid. But if there are no late charges, I fear the lesson here may be "I can pay late each month without penalty." 

Thanks for the mention @Bill S.

@Huy N. and @Matthew Botos, I knew of some folks that were considering short term rentals in Denver, but with recent changes to laws around this they have backed out of some deals. As I understand it, you can only short term rent your primary home now, and maybe for only a few months of the year. You may have better luck looking in suburbs that don't have these restrictions, like Littleton, Lakewood, Wheatridge, Arvada... just to name a few that I'm familiar with.

I'm not aware of anything going on at the end of August, but if you suggest a time for lunch or maybe a happy hour, I'm sure some folks might be interested and could help you pick a meetup place.

I do attend some regular RE meetings each month, if you're ever able to make one of those they can be very informative. The BP meetup is an evening happy hour on the first Monday of every month. Then there is an RE investor breakfast meetup that I attend on the second Saturday of every month (next one tomorrow). 

@Huy N.

Love before and after photos! Could not agree more on buying it at the right price, and doing work yourself. I love getting out of my comfort zone and getting my hands dirty. I've gone back and forth on the 'get your license' piece though. Right now I'm leaning towards it, just need to make the time to do it.

Great job! What are your goals? These are just as important as taking steps to reach them.

I have my goals printed out and hung on the wall in front of my desk.
I've got my one year goal, broken out into what I need to do in 1 month, 3 months, 6 months, and 9 months.
This is followed by my 5 year goal and then my 10 year goal.
Finally, at the bottom of the page in BIG block letters: TAKE ACTION.

I did this at the beginning of the year, when I realized it had been about 3 years since I did my first deal, a buy and hold short term rental. In June I closed on my second investment property and this week I've been cleaning up after the old tenants and scheduling showings for this weekend!
I probably got this idea from one of the podcasts or something, and didn't think much of it when I did it, but it worked! Having my goals planned out with a reminder to NOT sit on my hands really kept things moving for me.

Strong work Ben! Congratulations. You may not be 'rich', but I assume you won't be buying a pig when you get to AZ. ;)

Congratulations!
Sounds like you're still a bit on the fence about this. Or maybe just not 100% confident yet. I'll bet that if you keep growing your investments like you've been for the past few years, you won't have to worry about getting back into the rat race.
So, how many doors do you have?
And if you don't mind sharing... what does that cash flow look like on a monthly basis?

Recommendations? Going to acquire a 2/1 there soon, and I'm 8 hours away. will need a manager to take care of things.